Heard on the Street: Nonbank financial institutions have a growing presence in cross-border credit, but we won’t know the real effect until a downturn arrives
In cross-border credit, regular banks are out, and shadow banks are in. Our limited knowledge about how the latter will behave in a downturn is a reason for concern.
According to Bank for International Settlements data released this week, nonbank financial institutions are leading the growth in cross-border lending, with cross-border banking claims in the third quarter up 17% from a year earlier. That’s the fastest growth in at least six years, when records began.
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